Cannabis Industry Weekly Recap

Despite the Comey Show on Thursday and all the hoopla surrounding it, there were other politicians actually working and doing things besides talking about President Trump. On the positive side for the cannabis sector, U.S. Senate Majority Leader Mitch McConnell submitted a resolution to designate the week as Hemp History Week. Senator Ron Wyden even brought two baskets of hemp products onto the Senate floor on June 7 to celebrate. Congressman James Comer spoke about his efforts to create a hemp program in Kentucky. Sounds good.......

Yet on Wednesday, the U.S. House Rules Committee blocked floor consideration of an amendment that would have prevented the Treasury Department from punishing banks that work with the marijuana industry. Having said that, there has been a 10% increase in banks that are working with the cannabis industry. Tom Angell of Marijuana Majority wrote up a nice piece on Mass Roots about the FinCen report that shows there are 1,600 banks working with cannabis companies.

Horizons ETFs Management announced that it is changing the name of its Medical Marijuana ETF to Horizons Marijuana Life Sciences Index ETF. The ticker (HMMJ) will stay the same. The change will allow the strategy to include companies beyond those focused solely on the medical marijuana industry. They will also list HMMJ in U.S. dollars to be designated HMMJ.U.

General Cannabis Corp. announced that it was acquiring GC Finance Arizona from Infinity Capital West for $106,001. GC owns a 50% interest in DB Products Arizona, which primarily produces Dixie Brand Elixirs and Edibles. In addition to that GC owns, “a secured promissory note with DB Arizona in the amount of $825,000.”